Apollo Global Management (APO) Q2 2026 earnings summary

Executive summary

• Achieved record earnings in both Asset Management and Retirement Services for Q2 2026, with adjusted net income of $1.3B ($2.11 per share) and total AUM reaching $1.05 trillion, up 11.6% year-to-date and 25% year-over-year, driven by strong inflows, market activity, and strategic acquisitions.

• Declared a cash dividend of $0.5625 per share for Q2 2026.

• Company operates through Asset Management, Retirement Services, and Principal Investing, each showing year-over-year growth.

• Positioned as a leader in modernizing private markets through transparency, daily pricing, and innovation.

Financial highlights

• Q2 2026 revenues were $11.2B, up 63.7% YoY; net income attributable to common stockholders was $1.34B, up 120.8%.

• Fee Related Earnings (FRE) reached $785M (up 25% YoY, 8% QoQ); Spread Related Earnings (SRE) were $877M (up 11% YoY, 5% QoQ); management fees grew 23% YoY.

• Net investment income in Retirement Services was $5.4B for Q2 2026, up 12% YoY.

• Total AUM increased by $208B YoY, with $60B in gross inflows during the quarter.

• Realized a $700M gain from the Intel repayment within Athene’s GAAP results.

Outlook and guidance

• On track to achieve 2026 growth outlook for FRE and SRE, with embedded momentum for 2027.

• Management expects continued growth in AUM and fee-related revenues, supported by strong institutional demand for alternatives and private credit.

• Maintaining full-year target of 10% SRE growth, assuming 11% ALT return, and expecting 20%+ FRE growth for the year.

• Athene remains on pace for $85B inflows for the full year.